The European Commission on Tuesday proposed a new €1.5 billion ($1.63 billion) defence industry programme, which would be financed from the European Union budget for 2025 to 2027.
"We do so to respond to the changes of Europe's security paradigm, because not so far away from here Ukrainians are fighting for their freedom and common values in a war that has already caused immense human tragedy," Commission Vice-President Margrethe Vestager said.
"In the last two years, we have faced a situation of a defence industry without sufficient capacity to meet the sharp increase of demand.
"We have been vividly confronted with well-known structural fragmentation along national borders. They limit economies of scale. They create mistrust while preventing genuine competition between industrial players. This entails major inefficiencies and an inefficient value for taxpayers' money."
The new programme calls on the 27 EU members states to procure at least 40 per cent of their defence equipment collectively by 2030 and aims to have the value of intra-EU defence trade to represent at least 35 per cent of the EU defence market, it added.
Only 18 per cent of procurements are currently done in a co-operative manner.
"To increase European defence industrial readiness, member states need to invest more, better, together, and European," the EU Commission said in a statement.
Russia's war with Ukraine has prompted many European countries to increase their defence spending, though EU officials have argued purely national efforts are less efficient and want EU bodies to play a greater role in defence industrial policy.
Since the start of the war in February 2022, almost 80 per cent of defence acquisitions by EU member states were made outside the bloc, said Ms Vestager. The US alone accounted for 68 per cent of this spending. "This is no longer sustainable, if it ever was," she said.
EU officials said the new defence programme was launched in close co-ordination with Nato. The possible re-election of Donald Trump as US president later this year has caused worries in European capitals due to his repeated statements casting doubt on whether he would continue supporting them in the face of Russian expansionism.
"We need to get the transatlantic balance right, irrespective of election dynamics in the US," said Ms Vestager. "We must take more responsibility for our own security.
The pan-European defence market must also become more balanced, said Josep Borrell, the EU's foreign policy and security chief, speaking alongside Ms Vestager. "Ninety per cent of the European defence capacity is concentrated in a few member states," he said.
In 2022, defence investment by the bloc's 27 countries amounted to $58 billion, compared to $215 billion in the US, said Mr Borrell. "This strategy will try to incentivise joint procurement on joint capabilities ... we don't want to spend more, but [spend] better," he said.
The Commission also seeks to help the European defence industry prepare for existing and potential major challenges such as a sudden surge in demand for large amounts of artillery ammunition.
Defence is at the heart of Commission President Ursula von der Leyen's bid for a second term in European elections in June. Last month, Ms von der Leyen said she was considering creating a dedicated defence commissioner post. These responsibilities are currently overseen by Internal Market Commissioner Thierry Breton.
Speaking at the press conference, Mr Breton said the new defence strategy was aimed at closely integrating Ukraine in the European defence industry, "step by step".
"It's the first time we are doing this," he said. "We believe it'll be highly appreciated" in Kyiv."
Mr Breton has urged the bloc to consider spending €100 billion, while some European leaders have called for joint bonds to meet that level of defence spending. Such measures are unlikely to take off before European elections this summer.
Officials pushed back on claims by European politicians that the Commission was seeking to overstep its powers and oversee countries' defence decisions.
"We don't intend to have an arms depot here at Berlaymont [the Commission building]," said Mr Borrell. "This is industrial policy in the critical sector that is defence."
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
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%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%3Cbr%3E%3C%2Fp%3E%0A
more from Janine di Giovanni
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%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE currency: the story behind the money in your pockets
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
READ MORE ABOUT CORONAVIRUS
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
